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Customer Retention - Strengthening Your Business' #1 Assets

Natosha☆ Bennett

In today's age of modern technology and marketing, businesses have to stay vigilant in keeping up with the latest trends in commerce. While there are numerous tactics for keeping ahead of the competition, one of the most effective (yet often overlooked) tools a business has clicks open their website and/or walks through their doors daily...their CUSTOMERS.

Studies have shown that it is up to five times more expensive to acquire a new customer than it is to keep an existing one happy. Therefore, customer retention strategies should be an integral part of a company's overall marketing plan. In order for this to be effective, however, companies must be proactive in developing relationships with their customers; as well as have an understanding of the different types of retention strategies.

• CLEAR COMMUNICATION.  

            Customers want to be able to reach out to employees who actively listen, and resolve any issues they might face. They want to feel welcome when they walk in to a business, and they want to be treated like more than a business transaction.

Companies should have numerous lines of communication open to their customers. This can include email alerts or newsletters that keep customers up to date with new offers, sales, and specials.

Another way for businesses to maintain positive communication with customers is by implementing customer surveys. This gives the individual the chance to let management see the areas where they need to make improvements to ensure customer satisfaction.

• LOYALTY PROGRAMS AND DISCOUNTS.

            Loyal customers deserve to be treated a little extra. Its human nature to relish in feeling important to someone. With that said, customers of any age or background, appreciate knowing the more they purchase, for example, the more extra benefits they'll receive. When a customer feels as if they're receiving VIP treatment, they'll be more apt to spend just a little more in order to get the discount, freebie, etc., that the regular shoppers aren't privy to.

• RECOMMENDATION AND REFERRAL PROGRAMS.

            Word of mouth has been the number one tool for sales and marketing since the very first purchase was ever made, and it can do wonders for your business.

BUT....it can also ruin your business if your customer service game isn't on point. Customers that have an exceptional experience are three times more likely to divulge their experience to their friends and loved ones.  PRO. 

Customers that have a bad experience, studies have shown, can often be finished with that particular business or brand after just the one less than desirable occasion. CON. BIG CON.

So you see, not only is customer retention a more cost efficient marketing tool, but providing your customers with a welcoming friendly atmosphere and keeping your customer service exceptional, you have the opportunity to transform ordinary customers into your business's loyal fan base.

The Importance of Measuring Your Business' Customer Satisfaction Level

Natosha ☆ Bennett

Many businesses claim to prioritize customer service, but not all establish an effective system to ensure it's provided and customer satisfaction is achieved. Offering excellent customer service requires an understanding of customer needs and a means of verifying that these needs are met.

To determine what your customers consider to be exceptional service, and why it is important to gather that information, what steps can be taken?

A satisfied customer base can be extremely advantageous

It's widely acknowledged that retaining an existing customer is at least five times more profitable than acquiring a new one. Furthermore, the difference in customer loyalty between those who are simply satisfied and those who are highly satisfied can have a significant impact on repeat business and profits. For example, Xerox discovered that customers who rated their satisfaction as a 6 on a 6-point survey scale were six times more likely to make additional purchases. This highlights the significance of measuring customer satisfaction and the importance of using surveys to distinguish different levels of satisfaction.

Calculating Your Customer's Experience Level

There are several ways to gather customer feedback. The most straightforward approach is to simply ask customers directly. If you have a small number of customers, this can be done through personal conversations. This method allows you to get a personal connection with each customer, but the information gathered may vary based on the conversation.

Standardized customer surveys with pre-determined questions ensure consistent information is collected from all participants. Keep in mind that not all customers will be willing to complete a survey, as it requires effort without much benefit. To mitigate this, frame the survey as an opportunity to improve customer service by asking "how we can better serve you".

Some aspects that can be measured through customer surveys include:

•Quality of service

•Speed of service

•Pricing

•Handling of complaints or issues

•Employee trustworthiness

•Closeness of relationship with company representatives

•Additional services needed

•Perception of the company.

Research Panels

Focus groups provide an informal means of obtaining feedback from a group of customers or potential customers. By inviting 5-10 customers or prospects, you can ask questions or present materials to get their reactions. You can hire a professional facilitator and record the session on video, or simply lead a relaxed discussion. This approach allows you to gather information on customer needs, thoughts on your company, ideas for new services, and more. In addition to individual perspectives, the group dynamic can also bring forth new ideas that emerge from their interactions with each other.

Feedback Consultative

An effective way to consistently gather feedback from customers is to establish an advisory board. This serves as a long-term focus group and provides ongoing input. You can compensate members financially or simply treat them to dinner periodically. The benefits of an advisory board include: gaining insight frovm a customer perspective, having a sounding board for specific queries, strengthening relationships with loyal customers who become more invested in your success, and advancing relationships with potential customers. Advisory boards are an underutilized tool for improving customer service, introducing new services, and promoting repeat business. They can be utilized effectively by businesses of any size.

In conclusion, gathering customer feedback and measuring customer satisfaction is essential for any business that wants to provide great customer service and achieve customer satisfaction. There are various ways to gather input from customers, including talking to them personally, conducting customer surveys with standardized questions, conducting focus groups, and establishing an advisory board. Each method has its own advantages and disadvantages, and businesses can choose the method that best fits their needs. Additionally, businesses can gather valuable information about customer needs, opinions about their company, and suggestions for new services. By gathering and using this information, businesses can improve customer service, develop new services, and increase repeat business.

How to build a successful customer base and increase your business' profitability

Natosha ☆ Bennett

When it comes to running a successful business, one of the most important assets a company can have is a loyal customer base. Loyal customers are those who are devoted to a company's products and services and return time and time again to make purchases. But why does having a loyal customer base help a business become more profitable?

Building a loyal customer base has a variety of benefits that can directly contribute to your business's bottom line. One of the most obvious benefits of having a loyal customer base is the steady stream of sales they provide. Loyal customers create a reliable source of repeat business, which in turn leads to increased profits and overall growth. Loyal customers are also more likely to share your business with their friends, family, and colleagues, creating an additional source of potential customers. Finally, loyal customers tend to be more forgiving of minor mistakes and are more likely to stick with a particular brand even when faced with better prices from competitors.

The next step in building a loyal customer base is figuring out how to increase your customer loyalty, so you should start by creating a customer experience that is both memorable and satisfying. Ensure your customers are receiving the best quality products and services by making sure they're always taken care of. Additionally, offering rewards and incentives for repeat customers can encourage loyalty with new customers as well. Always make sure to keep your customers updated with all the latest information about your business - this helps create a sense of community and connection that further increases customer loyalty.

A loyal customer base is an essential component of any successful business, achieved by ensuring your customers are always satisfied and engaged with your brand. This in turn will lead to increased profits and overall growth for your company. When customers trust and appreciate a company's products and services, they are more likely to spend more money and tell their friends, family, and colleagues about it. By focusing on customer loyalty, you create a strong, sustainable business model that will help to ensure your company's longevity and profitability.

Customer loyalty programs are one of the most effective ways to ensure your customers keep coming back. Whether you offer reward points, discounts, or exclusive access to new products, customers love when they feel appreciated and know their patronage is valued.

When creating a loyalty program you must decide what kind of program you want to offer, how customers can participate, and what rewards or benefits they will receive. For example, you could have customers collect points for every purchase and when they reach a certain number of points, they can redeem them for discounts or free products.

Once you have your loyalty program set up, you'll want to think about ways to enhance it. This could include adding new perks, offering special promotions for loyal customers, or even hosting events to show customers how much you appreciate them. There are many creative ways to make your loyalty program stand out and keep customers coming back.

In order to get the most out of your loyalty program, it's important to analyze it regularly. This means tracking the data to see which rewards are working best, what kind of customer feedback you're getting, and if there are any areas of improvement. By keeping an eye on your program and making necessary changes, you'll be able to ensure that customers keep coming back.

Customer loyalty programs can be a great way to show your customers how much you appreciate them and keep them coming back for more. And loyalty programs are just one way to create and maintain a successful customer base, and increase your business' profitability.